May 12, 2021: With cryptocurrencies like Ethereum and Dogecoin reaching new all-time highs, investors are always on the lookout for the next big thing. The latest in the crypto universe is the Shiba Inu coin, which has been garnering attention ever since the recent dip in Dogecoin.
Shiba Inu coin
As per data available at CoinMarketcap, Shiba Inu, at one point in time, registered a growth of over 120 per cent in the last 24 hours and a staggering 1,970.57 per cent in the last seven days. Positioned as an alternative to Dogecoin, the token has reached a market capitalisation of more than $13 billion. In comparison, Dogecoin’s valuation is sitting at over $61 billion.
Surge in valuation
The surge should not come as a surprise and should be the only reason to invest in this coin, as exponential growth is common among newly introduced cryptocurrencies. This is because of their comparatively lesser value. The value of Shiba Inu is currently sitting at $0.00000163, compared to a lower $0.0000006 in mid-April, according to CoinMarketCap.
One major difference between the two currencies is that while Dogecoin is a coin, Shiba Inu is a token. The difference between the two is that cryptocurrencies have their own blockchains, whereas crypto tokens are built on an existing blockchain. Shiba Inu coins are sold as SHIB tokens.
What is the Shiba Inu coin?
Little is known about the Shiba Inu coin. The coin appears to have been created to give Dogecoin some competition. Its website claims that Shiba Inu has an experiment in decentralised spontaneous community building.
The coin features the same hunting dog from Japan, the Shiba Inu, which rose in popularity thanks to Dogecoin. In fact, even Elon Musk wants a Shiba Inu puppy.
The site reads, “The token is our first and allows users to hold billions or even trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
It claims that everyone has to buy Shiba Inu coins in the open market, which ensures a fair and complete distribution where the developers don’t own team tokens they can dump on the community.
However, there can be risks involved in these ‘get rich quick’ coins. While the past percentage returns may seem very attractive, several such coins have gone bust in the past few months.
How to buy Shiba Inu in India?
While there is a looming threat of a ban from the government, Indians are actively trading cryptocurrencies. The recent surge in Ethereum and Dogecoin even crashed the servers of India’s largest cryptocurrency exchange WazirX. However, the Shiba Inu coin is not available to be traded at WazirX.
One can use platforms like CoinDCX, Binance, and Coinbase to purchase the coin. Buyers will have to connect the supported cryptocurrency wallet to UniSwap. The connected wallet will need to have funds of a supported cryptocurrency, which in most cases is Ethereum or Bitcoin.
Buyers will then have to configure the currency they wish to exchange for Shiba Inu and set the slippage (price change) tolerances and the amount of time they are willing to wait for the transaction to execute at the desired settings.
If the price match in the time period happens, users will get Shiba Inu coins of the desired amount.